July 20, 2024
Meetings, Incentives, Conferences and Exhibitions Market
Ict

Israel Meetings, Incentives, Conferences And Exhibitions (MICE) Market Is Estimated To Witness High Growth Owing To Rising Tourism And Business Events

The Israel Meetings, Incentives, Conferences and Exhibitions (MICE) Market is estimated to be valued at US$ 1.92 billion in 2022 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Israel MICE market involves organizing and hosting business events such as meetings, incentives, conferences, and exhibitions. These events play a vital role in boosting tourism and business activities in the country. Israel has witnessed significant growth in tourism, especially religious tourism to sites in Jerusalem. It is also emerging as a hub for tech startups and innovation events. The growing business sector and tourism industry are driving the need for various MICE activities in the country.

Market Dynamics:

Rising tourism – Israel has seen strong growth in inbound tourism over the past decade, especially religious tourism. The number of tourist arrivals in Israel reached over 4.5 million in 2021. The rising influx of visitors is boosting the demand for various tourism-related events and exhibitions. This is positively impacting the growth of the MICE market.

Business events – Israel has emerged as a startup nation, hosting numerous technology and innovation events each year. The country has a vibrant ecosystem for entrepreneurship and attracts venture capital funding. Various business conventions, seminars, and corporate meetings are organized regularly, driving the need for professional MICE services. This is expected to propel the Israel MICE market growth over the forecast period.

SWOT Analysis

Strength: The Israel Meetings, Incentives, Conferences and Exhibitions market has a highly developed tourism infrastructure with international airports, hotels and venues. It offers attractive destinations with rich cultural and religious sites which appeal to large number of tourists. Israel also offers tax incentives for businesses organizing MICE events in the country.

Weakness: Political tensions and security issues in the region pose a challenge for the growth of MICE tourism in Israel. The depreciation of theshekel against major currencies like US dollar also increases the overall cost of organizing events.

Opportunity: The growing popularity of niche events focusing on technology, agriculture and healthcare presents an opportunity for new MICE products. The promotion of lesser known destinations within Israel can boost domestic MICE tourism.

Threats: Geopolitical tensions and terror threats continue to impact travel decisions. Economic slowdowns and fluctuations in source markets like Europe and USA pose risks to the inflow of MICE travelers. Rising competition from regional destinations like UAE and Turkey is another threat.

Key Takeaways

Israel Meetings, Incentives, Conferences And Exhibitions Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing investments in tourism infrastructure development and promotion.

Regional analysis: Israel dominates the MICE market in the region, accounting for over 80% share. Tel Aviv is the leading destination hosting over 500 national and international conferences annually. Jerusalem is also emerging as a lucrative religious MICE destination attracting Christian groups.

Key players operating in the Israel Meetings, Incentives, Conferences and Exhibitions market are Kenes Group, RMC, Kuoni DMC, ISSTA, Diesenhaus Unitours, Talent, SMG, BCD Travel, CWT, Access Israel. Kenes Group is the largest PCO in Israel organizing over 130 international conferences annually. RMC is a leader in corporate events and incentives.

Data Given: Market Name- Israel Meetings, Incentives, Conferences and Exhibitions market; CAGR: 6.8%; Forecast period is: 2023-2030; Market Size for 2023: US$ 1.92 billion; Key Players: Kenes Group, RMC, Kuoni DMC, ISSTA, Diesenhaus Unitours, Talent, SMG, BCD Travel, CWT, Access Israel

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it